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Volume 18 | Issue 87 | Monday, May 06, 2019

The Lede


MBA Advocacy Update

The Consumer Financial Protection Bureau released two proposed rulemakings related to the Home Mortgage Disclosure Act. And MBA President and CEO Bob Broeksmit, CMB, took part in a panel discussion on housing finance reform at the Milken Institute Global Conference 2019.


Top National News

Ginnie Mae Moves to Crack Down on Repeated Refinancings

Wall Street Journal, May 3, 2019--Ben Eisen (subscription)
The government-backed firm, which promotes homeownership by guaranteeing government mortgage bonds, is considering barring some loans backed by the Department of Veterans Affairs from inclusion in its flagship bonds.

Moore, Cain Withdrawals Re-Up Quest for Supporters on Fed Board

Wall Street Journal, May 5, 2019--Paul Kiernan, Alex Leary (subscription)
The White House has renewed its quest for Senate-confirmable candidates for the Federal Reserve Board who will reflect President Trump's economic priorities, after his previous two choices flamed out in a messy public fashion.

CFPB Accuses Two of the Nation's Largest Credit Repair Companies of Tricking and Cheating Customers

HousingWire, May 3, 2019--Ben Lane
The CFPB this week filed a lawsuit against and Lexington Law, which the bureau claims are two of the country's largest credit repair companies, alleging that the companies violated the Telemarketing Sales Rule by requesting and receiving payment of prohibited upfront fees for credit repair services.

Maxine Waters Has a Plan to Get What She Wants From Wall Street

Bloomberg, May 6, 2019--Austin Weinstein
Committee member Katie Porter, a California Democrat elected last year, said the panel's use of hearings helps provide genuine oversight of the financial services industry and serves to "focus the minds" of industry executives.

Movement Mortgage Acquiring Retail Operations of Platinum Mortgage

HousingWire, May 3, 2019--Jacob Gaffney
The purchase marks Movement's second acquisition of 2019, following the purchase of the retail mortgage assets of Eagle Home Mortgage.

Lenders Opening Doors to a Wider Swath of Home Buyers

The Real Deal, May 3, 2019--Kenneth R. Harney
According to the Urban Institute Housing Finance Policy Center's latest quarterly credit availability report, mortgage lenders are reaching out to borrowers who might have been marginal--or rejectees--in the past. Lenders are increasing their appetite for at least slightly riskier applicants--people with lower credit scores, higher debt-to-income ratios, smaller down payments and other issues.

Live Well Financial Halts Funding for New Loans

Reverse Mortgage Daily, May 3, 2019--Elizabeth Ecker
Live Well Financial has halted fundings for new reverse mortgage loans and some loans in process, according to wholesale account executives within the company.

Initial Spring Home Buying Fails to Revive Nonbank Mortgage Employment

National Mortgage News, May 3, 2019--Bonnie Sinnock (subscription)
Nondepository mortgage companies cut another 1,500 workers in March as the housing market's peak season got underway, suggesting that even with business potentially picking up, lenders remain cautious about hiring.

Amazon Says It Will Avoid a Housing Crunch With HQ2 by Planning Better Than It Did in Seattle

Washington Post, May 3, 2019--Robert McCartney, Patricia Sullivan
Amazon said its new second headquarters in Virginia will not aggravate housing problems as much as in Seattle because it will be able to plan for growth in a way that it could not in earlier years in its home base.

Homeowners Fault Government for Hurricane Harvey Damage

Wall Street Journal, May 6, 2019--Sara Randazzo, Dan Frosch (subscription)
Houston area residents allege the U.S. Army Corps of Engineers knew houses were at risk and now, under eminent domain law, owe them compensation.

Installing Floor Tiles Tops List of ‘Most Regretted DIYs'

Uexpress, May 3, 2019--Lew Sichelman
One in 12 respondents to the survey by ImproveNet--a website that connects consumers with contractors and other pros--has damaged his or her home in the process.

Residential Finance News

MBA Chart of the Week: Refinance Application Trends by Loan Size

This week's chart highlights the differential response of refinance applications to the recent decline in mortgage rates.

Unemployment Rate at 50-Year Low

The Bureau of Labor Statistics' April employment report beat expectations, as nonfarm payroll employment jumped by 263,000 and the unemployment rate fell to a 50-year low.

The Week Ahead

The MBA Legal Issues and Regulatory Compliance Conference is underway, running May 5-8 at the Hyatt Regency New Orleans.

Commercial/Multifamily News

Forecast Sees Moderation Going Forward

The outlook for the economy, real estate capital markets and real estate fundamentals remains positive but will likely moderate over the next three years, said the Urban Land Institute, Washington, D.C.

Dealmaker: NorthMarq Secures $79M for Multifamily, Industrial

NorthMarq Capital, Minneapolis, secured $79.3 million in financing for apartment and industrial properties in Colorado and California.

MBA News

MBA Commercial/Multifamily Servicing & Technology Conference in L.A. May 14-17

The Mortgage Bankers Association's annual Commercial/Multifamily Servicing & Technology Conference takes place May 14-17 at the J.W. Marriott L.A. Live in Los Angeles.

MBA Compliance Essentials Consumer Complaints Resource Guide Available; Webinar May 29

The MBA Compliance Essentials Consumer Complaints Resource Guide serves as a base for the development of your company's policies and procedures in this important area. And join MBA Education on Wednesday, May 29 for an informative webinar, Update on Recent Activity & Managing Consumer Complaints.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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